According to a recent survey by the Nottingham Building Society, one quarter of the UK have cancelled their Payment Protection Insurance and home insurance to save some cash during the downturn. Ironically there’s never been a more important time to have PPI and home insurance with unemployment and crime rising due to the recession.

Advice from the experts is to look for cheaper alternatives and switch rather than being without cover and the building society has said cutting back on insurance is a ‘false economy’. It’s easy to see why PPI is being ditched by thousands of credit card, loan and mortgage holders, but remember, when sold right, it can be an invaluable help in times of financial difficulty.

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